See More on Facebook

Economics

Xi opens import summit in Shanghai

The leader said that the summit belongs to world and shows China’s commitment to opening up its economy The inaugural China International Import Expo, which opens in Shanghai on Monday, is hosted by China but belongs to the world, President Xi Jinping said on Sunday.


Written by

Updated: November 5, 2018

The leader said that the summit belongs to world and shows China’s commitment to opening up its economy

The inaugural China International Import Expo, which opens in Shanghai on Monday, is hosted by China but belongs to the world, President Xi Jinping said on Sunday.

The expo is not an ordinary event, but marks China’s new round of advancing high-level opening-up as well as the country’s taking significant steps to open its market to the rest of the world, Xi said when addressing a banquet that he and his wife, Peng Liyuan, hosted in Shanghai to welcome foreign guests attending the event.

Xi said the expo will help deepen international trade and economic cooperation, promote Belt and Road construction and advance economic globalization.

It will make positive contributions to enhancing the well-being of peoples from around the world as well as building a community with a shared future for mankind, he added.

Noting that Shanghai is the country’s economic center and has been at the forefront of China’s reform and opening-up over the past four decades, Xi said the city has witnessed the historic process of China’s opening-up and cooperation with other countries.

On Monday, Xi will deliver the keynote speech at the opening of the six-day event, which will see participation of more than 3,000 companies from over 130 countries and regions eager to take advantage of the opportunities it presents.

Leaders of 18 countries will attend the expo. Xi will join foreign leaders to visit pavilions of different countries at the expo.

The import-themed expo, the first one organized at the national level, is considered a new platform for other countries’ products to access the vast Chinese market.

Xi announced China’s hosting of the expo at the opening ceremony of the Belt and Road Forum for International Cooperation in Beijing in April last year. Since then, Xi has on various occasions extended invitations to the rest of the world to attend the event.

When addressing the opening of the Boao Forum for Asia in April, Xi said the expo shows China’s concrete measures to open its market.

At the BRICS Summit held in Johannesburg in July, Xi told leaders at the summit that hosting the expo is a major action China takes to firmly uphold free trade and pursue opening-up.

In a telephone conversation with US President Donald Trump on Thursday, Xi said the expo has shown China’s willingness to increase imports and further expand its opening-up, and he is glad to see many US companies enthusiastically participate in the event.



Enjoyed this story? Share it.


China Daily
About the Author: China Daily covers domestic and world news through nine print editions and digital media worldwide.

Eastern Briefings

All you need to know about Asia


Our Eastern Briefings Newsletter presents curated stories from 22 Asian newspapers from South, Southeast and Northeast Asia.

Sign up and stay updated with the latest news.



By providing us with your email address, you agree to our Privacy Policy and Terms of Service.

View Today's Newsletter Here

Economics

Chinese court grants Qualcomm an injunction against Apple

The injunction bans the sale of several models of IPhones in China. Qualcomm Inc on Monday said it had won a preliminary order from a Chinese court banning the importation and sale of several Apple Inc iPhone models in China that the court found violated two of Qualcomm’s patents. The preliminary order affects the iPhone 6S through the iPhone X. The ruling is from the Fuzhou Intermediate People’s Court in China, the same court that earlier this year banned the import of some memory chips by Micron Technology Inc into China. Qualcomm initially filed the case in China in late 2017. Apple is already disputing the scope of the ban, saying it only applies to iPhones that run on an older operating system. “Qualcomm’s effort to ban our products is another desperate move by a company whose illegal practices are under investigation by regulators around the world,” Apple said in a sta


By China Daily
December 12, 2018

Economics

China-US trade dispute enters second half

Despite a temporary truce in the trade war, much work still needs to be done. China and the United States reached a consensus to suspend tariff hikes and restart trade talks at the meeting between President Xi Jinping and his US counterpart Donald Trump in Argentina on Dec 1. Yet the Canadian police detained Meng Wanzhou, Huawei’s global chief financial officer, and could deport her to the United States where she could face charges for evading US curbs on trade with Iran. These contrasting signals show the complexity of China-US trade conflict, and since the conflict has reached a critical stage, four major changes can be expected. From a blitz to protracted standoff First, the trade conflict between the two largest economies has shifted from being a blitz to a stalemate. The first half of the game, which has stretched from March to November, can be seen as a fight for time


By China Daily
December 11, 2018

Economics

Malaysia to charge ex-prime minister and fund chief over audit tampering

Najib and Arul Kanda will be indicted on Wednesday by prosecutors. Graft prosecutors are set to charge Najib Razak and former 1MDB president Arul Kanda Kandasamy on Wednesday over the tampering of the company’s final audit report. Sources said that the former prime minister will be charged with using his position to instruct the then Auditor-General to remove “certain things” from the report. Arul Kanda will be charged with abetting Najib. The two are expected to be charged at the Kuala Lumpur Sessions Court. She revealed that the directive to make the changes came from Tan Sri Shukry Salleh, who was then the principal private secretary to Najib when he was prime minister. The changes were allegedly made on Feb 26, 2016 on grounds that it was a sensitive issue.  


By The Star
December 11, 2018

Economics

UK court orders tycoon’s extradition to India

Vijay Mallya can be extradited back to India, a UK court rules. A London court on Monday ordered extradition of liquor baron Vijay Mallya to India, where the now defunct Kingfisher Airlines boss is wanted for alleged in financial irregularities and loan default ammounting to over $1 billion US Dollars. The Vijay Mallya extradition case has been referred to UK Secretary of State Sajid Javid, who will pass an order based on the verdict. In a setback to Mallya, Westminster Magistrates’ Court Chief Magistrate Judge Emma Arbuthnot ruled that that there was “no sign of a false case being mounted against him”, adding he could be extradited to India to stand trial on the charges brought by the Central Bureau of Investigation and the Enforcement Department, a PTI report said. “Having considered evidence as a whole.


By The Statesman
December 11, 2018

Economics

Ghosn charged with falsifying reports

Ghosn and an associated remain in jail on charges of tax avoidance and falsifying reports. Carlos Ghosn, former chairman of Nissan Motor Co., his aide Greg Kelly, former representative director of Nissan, and the automaker itself were charged on Monday with falsifying the firm’s securities reports. Also on Monday, Ghosn, 64, and Kelly, 62, were rearrested by the special investigation squad of the Tokyo District Public Prosecutors Office on suspicion of underreporting more of Ghosn’s income. Ghosn and Kelly were initially arrested on Nov. 19 on suspicion of violating the law by allegedly conspiring to underreport Ghosn’s executive remuneration in the company’s securities reports by a total of about ¥5 billion from the business year ending March 2011 to that ending March 2015. Prosecutors believe the actual amount of his pay was about ¥10 billion. The pair denied the allegations during qu


By The Japan News
December 11, 2018

Economics

Huawei exec’s arrest: Who is Meng Wanzhou?

Huawei CFO arrest threatens fragile trade war truce. When news broke on Thursday (Dec 6) that a top Huawei executive has been arrested in Canada, Ms Meng Wanzhou became one of the most talked-about persons in online chatter and social media chat groups. Born in 1972, Ms Meng, who also goes by Sabrina Meng and Cathy Meng, is the chief financial officer of Huawei, the world’s largest telecommunications equipment supplier and the world’s No. 2 seller of mobile phones. She was detained by the Canadian authorities in Vancouver on Dec 1 while in transit and is facing an extradition request from the United States. Various reports indicated that this could be related to violations of US sanctions on Iran. The South China Morning Post said that Ms Meng has spoken to Huawei staff in a recent internal briefing on regulatory compliance. She had said that there may be cases where &#


By The Straits Times
December 7, 2018